New Saudi oil minister says no radical change in policy coming

Prince Abdulaziz said Saudi Arabia's main policy would not change and it will maintain the global deal to cut oil production by 1.2 million barrels per day.

To sustain its budget and fund the so-called Vision 2030 plan, the kingdom needs crude oil selling at roughly $80 a barrel.

Previous supply cuts have mostly succeeded in bolstering prices.

Offering a glimpse into how he's approaching the job of energy minister, Prince Abdulaziz described himself as a "kitchen or basement man". However, the sell-off that began in early August was news driven. "Where is it?" he told reporters on the sidelines of the conference. He was prone to using central banking tropes like "whatever it takes" in attempts to jawbone prices higher.

OPEC oil output in August rose for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by Saudi Arabia and losses caused by US sanctions on Iran. -China trade war and increasing US supplies.

By encouraging growth in rival supplies, each period of production restraint contained the seeds of its own destruction and contributed to a subsequent sharp drop in prices and revenues.

Five analysts polled by Reuters estimated, on average, that crude inventories fell 2.6 million barrels in the week to September 6.

Saudi Arabia is India's second-largest oil supplier behind Iraq and is investing public and private sector refineries to gain a foothold in the world's fastest-growing energy market. That's despite the fact that involuntary production slumps in Venezuela and Iran have failed to have any effect on prices while bringing OPEC's compliance with the cuts well above 100 percent.

The weaker outlook amid a U.S.

The 2018 deal saw OPEC countries and their allies agree to cut 1.2 million bpd from the market in 2019.

It will now be up to Prince Abdulaziz to try to raise global oil prices.

RRPCL is a joint venture between Saudi Aramco, Abu Dhabi National Oil Company (Adnoc), and three state-run oil marketing companies (OMCs) - Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL). Products, as luck would have it, will fall by 3 million barrels as well.

Prince Abdulaziz is a known figure among OPEC members and industry insiders. Saudi Arabia's best option is to allow the adjustment process to play out.

Oil futures rose on September 10 to their highest levels in nearly six weeks on optimism that OPEC and other producing countries may agree to extend output cuts to support prices.

The appointment of Prince Abdulaziz bin Salman as the new energy minister mirrors the ascent of his half-brother Crown Prince Mohammed bin Salman, the de facto ruler.

That may have been what's behind recent shake-ups in the Saudi oil industry. But that will depend largely on the price of oil.

But low oil prices have left some investors in doubt that Aramco is really worth that much.

Saudi Arabia's King Salman over the weekend dismissed Khalid Al-Falih as the energy minister of the Opec (Organization of the Petroleum Exporting Countries) and replaced him with one of his sons.

It is not a mistake they should make again.

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